Mortgage insurances & what's right for me ?

1. Mortgage protection insurance: This policy will enable you/your dependants to repay the mortgage on  the events of a premature death, The amount of cover reduces with the mortgage balance (repayment mortgages)

2. Critical Illness cover: This is designed to provide you with a lump sum or an income on diagnosis of one of the specified critical illnesses (you may need to alter the property or take a year out due to illness

3. Income protection: (More common for the self employed due to no employer cover) This is designed to provide an income when incapacity is for four weeks or more due to illness/injury/diagnosis preventing you carrying out your normal occupation

4. ASU: (Accident sickness & unemployment) This policy is designed to cover the mortgage payments and associated insurances in the event of redundancy, accidents, or sickness (policies normally last between one and two years)

5. Family income benefit: This policy is similar to mortgage protection, but the benefit is paid monthly rather than a lump sum

6. Level term Assurance: This policy pays a level lump sum throughout the term of the policy, rather than reducing (usually taken with interest only loans)

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Of course your budget will dictate what you can protect, should you not be able to take full protection then you can start with a reduced amount and build up from there.